2006 Utah Code - 63-38f-1703 — Definitions.

     63-38f-1703.   Definitions.
     As used in this part:
     (1) "Development zone" means an economic development zone created under Section 63-38f-1704.
     (2) "High paying jobs" means the annual wages of employment positions that compare favorably against the median wage of a community in which the jobs will exist.
     (3) "Local incentives" means financial and other assistance provided by local taxing authorities within a development zone, which may include:
     (a) partial rebates of new local revenues; and
     (b) other sources of funds under authority of state law or local ordinances, or both state law and local ordinances.
     (4) "New incremental jobs" means jobs that are:
     (a) not shifted from one jurisdiction in the state to another jurisdiction in the state; and
     (b) created in addition to the baseline count of jobs already in existence within a company or employed by an individual.
     (5) "New local revenues" mean incremental new local tax revenues that are generated as a result of new economic commercial projects in a development zone, to include the local government's portion of sales taxes, property taxes, impact fees, and other taxes or fees, or both taxes and fees, derived from the projects, together with indirect local government revenues generated by the projects, but not to include any portion of sales taxes earmarked for state government or other taxing jurisdictions eligible for sales tax revenues.
     (6) "New state revenues" means incremental new state tax revenues that are generated as a result of new economic commercial projects in a development zone, to include the state's portion of sales taxes, and company and employee income taxes derived from the projects, together with indirect state revenues generated by the projects, but not to include any portion of sales taxes earmarked for local governments or other taxing jurisdictions eligible for sales tax revenues.
     (7) "Office" means the Governor's Office of Economic Development.
     (8) "Partial rebates" means returning a portion of the new local revenues and new state revenues generated by new commercial projects to companies or individuals that have created new economic growth within a development zone.

Enacted by Chapter 272, 2005 General Session